Not much words required as the chart shows key levels and potentially what we can see happening. I see a bounce happening with bulls holding this area. Bounce to this resistance area highlighted, which has some confluence with resistance trend lines as well as 9400-9500 previously being support\resistance.
My previous charts talks about the macro out-view and my opinion hasn't changed yet.
@ssari, Do you think the channel will break anytime soon?
ssari
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@Phi-Deltalytics,
The squeeze is definitely happening with high lows and lower highs but does this not look more like a bottom finding\accumulation chart, a whycoff accumulation chart from point 5 onwards.
Either way, its a 50% even. but i'm leaning to bullish.
When I look at the SP500 which is going predominately the way I forecasted in this original channel, I don't see it dropping anytime soon.
Market sentiments is overall bearish meaning it will likely do the opposite.
I don't see BTC dropping anymore than 8900 (A 3rd re-test might be warranted for the break to the upside)
SP500 chart
Phi-Deltalytics
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@ssari, I actually think the market sentiment is bullish at this point... Why do you think bearish?
ssari
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@Phi-Deltalytics, I'm not bearish. If you read all my posts, including the one above, macro I'm bullish.
Phi-Deltalytics
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@ssari, I meant why do you think the market sentiment is bearish?
ssari
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@Phi-Deltalytics, A survey was taken by the AAII. AAII Sentiment Survey: Optimism Falls To A Nine-Month Low
Summary
Bullish: 22.2%, down 2.0 percentage points.
Neutral: 32.0%, up 5.0 percentage points.
Bearish: 45.9%, down 3.0 percentage points.